Cboe Global Markets Reports Trading Volume for January 2026

Rhea-AI Summary

Cboe Global Markets (CBOE) reported January 2026 monthly trading volumes across options, futures, equities, FX and clearing. Key year-over-year gains included Index options +20.8%, U.S. on-exchange equities +14.3%, Canadian equities +50.3%, Global FX ADNV $67.2B (+33.6%), and record monthly highs in SPX and Mini-SPX activity.

January also showed strong off-exchange U.S. equities growth (+189.5%) and record notional values in Cboe Europe auctions and FX spot.

Positive

• Index options ADV up 20.8% YoY
• U.S. on-exchange equities ADV up 14.3% YoY
• U.S. off-exchange equities ADV up 189.5% YoY
• Canadian equities matched shares up 50.3% YoY
• Global FX ADNV at $67.2B (+33.6% YoY)
• Record SPX and Mini-SPX monthly volumes in January

Negative

• None.

Key Figures

Multi‑listed options ADV: 14,093k contracts Index options ADV: 5,477k contracts U.S. on‑exchange equities ADV: 1,872M shares +5 more

8 metrics

Multi‑listed options ADV 14,093k contracts Jan 2026 vs 13,151k in Jan 2025; +7.2%

Index options ADV 5,477k contracts Jan 2026 vs 4,535k in Jan 2025; +20.8%

U.S. on‑exchange equities ADV 1,872M shares Jan 2026 vs 1,637M in Jan 2025; +14.3%

U.S. off‑exchange equities ADV 241M shares Jan 2026 vs 83M in Jan 2025; +189.5%

Global FX ADV $67,233M Jan 2026 vs $50,312M in Jan 2025; +33.6%

SPX GTH record volume 287k contracts S&P 500 Index options during Global Trading Hours on Jan 20, 2026

Mini‑SPX monthly ADV record 150k contracts XSP options average daily volume in January 2026

Cboe Europe Periodic Auctions ADNV €5.3B Record monthly average daily notional value in January 2026

Market Reality Check

Price: $271.20 Vol: Volume 1,083,360 vs 20‑da...

normal vol

$271.20 Last Close

Volume Volume 1,083,360 vs 20‑day average 896,194 (1.21x average) ahead of strong January stats. normal

Technical Price $271.20 trades above 200‑day MA at $241.72 and is 2.91% below the 52‑week high of $279.33.

Peers on Argus

CBOE gained 1.8% with above‑average volume. Peers were mixed but mostly positive...

CBOE gained 1.8% with above‑average volume. Peers were mixed but mostly positive: TRU +3.5%, FDS +2.49%, NDAQ +2.06%, MORN +0.49%, while MSCI -0.72%. Scanner data flags this as stock‑specific rather than a confirmed sector‑wide move.

Common Catalyst Multiple exchanges and data providers, including Nasdaq, reported January volume metrics or product initiatives, highlighting robust trading and data activity across the group.

Historical Context

5 past events · Latest: Jan 26 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 26	Leadership changes	Neutral	-2.3%	Executive COO retirement and new senior leadership appointments announced.
Jan 06	Volume and guidance	Positive	+2.0%	Strong December and full‑year 2025 trading stats with preliminary 4Q25 RPC.
Dec 19	Regulatory congratulatory	Neutral	-0.6%	Statement congratulating new CFTC Chairman and reiterating regulatory collaboration.
Dec 10	Earnings call date	Neutral	+0.8%	Announcement of 4Q25 earnings release date and management conference call.
Dec 03	Monthly volume report	Positive	+0.4%	November 2025 global trading volumes with multiple records across options and FX.

Pattern Detected

Recent Cboe news has been operational and volume‑focused, with positive trading‑stat updates generally followed by mild gains and management or macro/industry items showing only modest price reactions.

Recent Company History

Over the past few months, Cboe’s news flow has centered on trading activity, leadership changes, and investor communications. November and December 2025 updates highlighted record options and FX volumes with generally positive next‑day moves. Announcements about the 4Q25 earnings release date and a congratulatory regulatory statement in Dec 2025 drew only small reactions. Management changes disclosed on Jan 26, 2026 led to a modest decline. Today’s January 2026 volume report continues this pattern of strong operational metrics driving incremental strength.

Market Pulse Summary

This announcement highlights broad strength across Cboe’s businesses, with higher ADV in options, eq...

Analysis

This announcement highlights broad strength across Cboe’s businesses, with higher ADV in options, equities, and Global FX, plus records such as Global FX ADNV of $67.2B and Mini‑SPX ADV of 150k contracts. Compared with prior monthly updates that also featured records, it underscores ongoing growth in key index and FX products. Investors may watch upcoming earnings, revenue capture metrics, and product‑specific volumes to see how this activity translates into financial performance.

Key Terms

swap execution facility, non-deliverable forwards

2 terms

swap execution facility regulatory

"Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV ($3.9 billion)."

A Swap Execution Facility is a special online platform where people and companies can buy and sell swap agreements, which are contracts to exchange financial benefits or risks. It helps ensure these trades happen fairly and transparently, making financial markets safer and more organized—kind of like an auction site for financial contracts.

non-deliverable forwards financial

"Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV ($3.9 billion)."

Non-Deliverable Forwards are agreements to buy or sell a currency at a set price in the future, but without the actual exchange of the currency itself. Instead, the difference in value is paid in cash. They are often used by companies or investors to manage currency risk when physical delivery isn’t practical or allowed.

AI-generated analysis. Not financial advice.

CHICAGO, Feb. 4, 2026 /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported January monthly trading volume statistics across its global business lines.

The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain January trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.

Average Daily Trading Volume (ADV) by Month										Year-To-Date
	Jan 2026	Jan 2025		% Chg		Dec  2025		%    Chg		Jan 2026	Jan 2025	%    Chg
Multi-listed options (contracts, k)	14,093	13,151		7.2 %		11,550		22.0 %		14,093	13,151	7.2 %
Index options (contracts, k)	5,477	4,535		20.8 %		5,047		8.5 %		5,477	4,535	20.8 %
Futures (contracts, k)1	230	220		4.6 %		179		28.5 %		230	220	4.6 %
U.S. Equities - On-Exchange (matched shares, mn)	1,872	1,637		14.3 %		1,415		32.3 %		1,872	1,637	14.3 %
U.S. Equities - Off-Exchange (matched shares, mn)	241	83		189.5 %		161		49.6 %		241	83	189.5 %
Canadian Equities (matched shares, k)	239,258	159,211		50.3 %		188,508		26.9 %		239,258	159,211	50.3 %
European Equities (€, mn)	15,218	11,423		33.2 %		10,449		45.6 %		15,218	11,423	33.2 %
Australian Equities (AUD, mn)	1,041	651		60.0 %		876		18.8 %		1,041	651	60.0 %
Global FX ($, mn)	67,233	50,312		33.6 %		51,528		30.5 %		67,233	50,312	33.6 %
Cboe Clear Europe Cleared Trades (k)	123,562	122,939		0.5 %		90,719		36.2 %		123,562	122,939	0.5 %
Cboe Clear Europe Net Settlements (k)	1,234	1,050		17.6 %		1,143		8.0 %		1,234	1,050	17.6 %

1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

January 2026 Trading Volume Highlights   

U.S. Options

• A record 287 thousand S&P 500 Index (SPX) options contracts traded during Cboe's Global Trading Hours session (8:15 p.m. to 9:25 a.m. ET) on January 20, eclipsing the previous record set in April 2025.
• Mini-SPX (XSP) options set a monthly volume record in January, with an ADV of 150 thousand contracts.

European Equities

• Cboe Europe Periodic Auctions achieved a record monthly average daily notional value (ADNV) of €5.3 billion.

Global FX

• Global FX set a new aggregate monthly ADNV record of $67.2 billion, driven by records in spot ADNV ($63.3 billion) and Cboe SEF (Swap Execution Facility) Non-Deliverable Forwards ADNV ($3.9 billion).

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE), the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. Above all, we are committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future. To learn more, visit www.cboe.com.

Cboe Media Contacts			Cboe Analyst Contact
Angela Tu	Tim Cave			Kenneth Hill, CFA
+1-646-856-8734	+44 (0) 7593-506-719			+1-312-786-7559
atu@cboe.com	tcave@cboe.com			khill@cboe.com

CBOE-V

Cboe^®, Cboe Global Markets^®, Cboe Clear^®, Cboe Futures Exchange^®, CFE^®, Cboe Volatility Index^®, and VIX^® are registered trademarks of Cboe Exchange, Inc. or its affiliates. Standard & Poor's^®, S&P^®, SPX^®, and S&P 500^® are registered trademarks of Standard & Poor's Financial Services, LLC, and have been licensed for use by Cboe Exchange, Inc. All other trademarks and service marks are the property of their respective owners.

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies, errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. 

Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. 

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SOURCE Cboe Global Markets, Inc.

FAQ

What were Cboe (CBOE) January 2026 index options volumes and growth?

Index options averaged 5.477 million contracts in January, a 20.8% year-over-year increase. According to Cboe, that reflects stronger demand for volatility products and contributed to higher derivatives activity across the platform in January 2026.

How did Cboe report U.S. equities trading for January 2026 (CBOE)?

U.S. on-exchange equities matched an ADV of 1.872 billion shares, up 14.3% YoY. According to Cboe, off-exchange matched shares also rose sharply to 241 million, driving overall U.S. equity volume gains in January.

What record did Cboe report for Global FX in January 2026 (CBOE)?

Global FX set an aggregate monthly ADNV record of $67.2 billion, a 33.6% increase year-over-year. According to Cboe, records were driven by spot ADNV of $63.3 billion and NDF activity on Cboe SEF.

Did Cboe (CBOE) report any specific SPX or Mini-SPX records in January 2026?

Yes. Cboe reported a record 287k SPX contracts traded in a single Global Trading Hours session and a Mini-SPX ADV record of 150k contracts. According to Cboe, both marks reflect elevated index option demand in January.

How did Cboe's European equities and clearing perform in January 2026 (CBOE)?

European equities ADNV rose to €15.218 billion (+33.2% YoY), and Cboe Europe Periodic Auctions hit a record ADNV of €5.3 billion. According to Cboe, clearing volumes at Cboe Clear Europe also increased, supporting higher regional activity.